Steel Dynamics, Inc. $STLD Shares Sold by Drummond Knight Asset Management Pty Ltd

Key Points

• Drummond Knight Asset Management Pty Ltd has reduced its stake in Steel Dynamics, Inc. by 5.9%, now holding 122,288 shares worth approximately $15.3 million.
• Several hedge funds have significantly increased their positions in Steel Dynamics, with Victory Capital Management boosting their stake by 433.1% and GAMMA Investing LLC increasing theirs by an astonishing 18,398.4% during the same period.
• Steel Dynamics reported earnings of $2.01 per share for the last quarter, missing estimates, and announced a quarterly dividend of $0.50 per share, indicating a dividend yield of 1.5%.

Drummond Knight Asset Management Pty Ltd cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,288 shares of the basic materials company's stock after selling 7,712 shares during the period. Steel Dynamics comprises approximately 7.7% of Drummond Knight Asset Management Pty Ltd's investment portfolio, making the stock its 6th largest holding. Drummond Knight Asset Management Pty Ltd owned 0.08% of Steel Dynamics worth $15,296,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Forum Financial Management LP increased its stake in Steel Dynamics by 2.5% in the 4th quarter. Forum Financial Management LP now owns 3,113 shares of the basic materials company's stock worth $355,000 after acquiring an additional 75 shares during the last quarter. Hemington Wealth Management increased its stake in Steel Dynamics by 35.9% in the 1st quarter. Hemington Wealth Management now owns 318 shares of the basic materials company's stock worth $39,000 after acquiring an additional 84 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Steel Dynamics by 1.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 5,803 shares of the basic materials company's stock worth $726,000 after acquiring an additional 91 shares during the last quarter. Sunbelt Securities Inc. increased its stake in Steel Dynamics by 25.0% in the 1st quarter. Sunbelt Securities Inc. now owns 500 shares of the basic materials company's stock worth $63,000 after acquiring an additional 100 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in Steel Dynamics by 6.3% in the 1st quarter. Parallel Advisors LLC now owns 1,734 shares of the basic materials company's stock worth $217,000 after acquiring an additional 102 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Christopher A. Graham sold 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the transaction, the senior vice president owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 6.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on STLD shares. JPMorgan Chase & Co. boosted their target price on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Morgan Stanley boosted their target price on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Finally, Wells Fargo & Company boosted their target price on Steel Dynamics from $143.00 to $150.00 and gave the company an "overweight" rating in a research report on Monday. Nine equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $149.40.

Steel Dynamics Stock Performance

Shares of STLD traded up $0.93 during mid-day trading on Monday, reaching $131.58. The company had a trading volume of 1,083,210 shares, compared to its average volume of 1,575,828. Steel Dynamics, Inc. has a 52-week low of $103.17 and a 52-week high of $155.56. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $19.37 billion, a P/E ratio of 19.18, a PEG ratio of 1.06 and a beta of 1.40. The stock has a 50 day moving average of $129.59 and a two-hundred day moving average of $127.99.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.04). Steel Dynamics had a net margin of 6.07% and a return on equity of 11.88%. The business had revenue of $4.57 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the prior year, the company posted $2.72 EPS. The firm's revenue was down 1.5% on a year-over-year basis. On average, analysts expect that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 30th. Steel Dynamics's dividend payout ratio (DPR) is 29.15%.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.